The optimal mix of output is always the same as the
A. Most desired combination on a production possibilities curve.
B. Output that producers produce.
C. Output that consumers demand.
D. Output that the government provides.
Answer: A
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The model of aggregate demand and aggregate supply can NOT be used to:
A. discuss the pros and cons of income tax cuts. B. evaluate a tax cut's effect on short run economic fluctuations. C. assess a tax cut's effect on longer run issues such as the national debt. D. to discuss income distribution.
Deciding that A causes B when in fact B causes A is a mistake called omitted variable bias
a. True b. False Indicate whether the statement is true or false
Which of the following domestically produced items is not included in GDP?
a. a bottle of shampoo b. a hairdryer c. a haircut d. All of the above are included in GDP.
Which of the following is a direct tax?
A. Excise tax B. Tax on corporate profits C. Property tax D. Sales tax